Visual representation and configuration of trading strategies

ABSTRACT

A system and method are provided to visually represent and configure trading strategies used in electronic trading. The system and method may be used to visually represent, among other things, an acceptable range of prices for a trading strategy in relation to a graphical user interface. The acceptable range of prices may be input by a trader to limit when one or more orders are moved from one price to another. The acceptable range of prices can be displayed on a graphical user interface using visual indicators. Using the visual indicators, the acceptable range of prices can also be configured and modified by a trader based on the trader&#39;s preferences. Other features and advantages are described herein.

CROSS REFERENCE TO RELATED APPLICATION

This application is a continuation of U.S. patent application Ser. No.11/095,101, filed Mar. 31, 2005, the contents of which are fullyincorporated herein by reference.

FIELD OF INVENTION

The present invention is directed towards electronic trading.Specifically, the present invention is directed to tools for tradingproducts that can be traded with quantities and/or prices.

BACKGROUND

Electronic trading includes a host exchange that has a central computerin which bids and offers are received and executed, if a match existsbetween them. The host exchange provides a summary of the bids andoffers for viewing by those traders that have access to the system. Thetraders can monitor their screens and freely enter bids or offers, whichare then communicated to the host exchange.

The host exchange generally offers many tradeable objects to trade. Asused herein, the term “tradeable object,” refers simply to anything thatcan be traded with a quantity and/or price. It includes, but is notlimited to, all types of tradeable events, goods, and financialproducts. For instance, stocks, options, bonds, futures, currency, andwarrants, as well as funds, derivatives and collections of theforegoing, and all types of commodities, such as grains, energy, andmetals may be considered tradeable objects. A tradeable object may be“real,” such as products that are listed by an exchange for trading, or“synthetic,” such as a combination of real products that is created bythe user. A tradeable object could actually be a combination of othertradeable object, such as a class of tradeable objects.

For each tradeable object, the host exchange generally providesinformation to interested parties on how the tradeable object is tradedat the exchange. Included in this information are the types of messagesthat can be communicated with the host exchange. At one level, the hostexchange provides information on the message headers, payload, andtrailers necessary to interface the exchange. Beyond that, the hostexchange provides information on how to open a connection, obtain marketinformation, add an order, change an order, delete an order, close aconnection, and so on. The information provided by a host exchange canbe as simple or complex as the exchange deems necessary to offer itsparticular tradeable objects for trade.

Each trading network or trading station is then provided with the samesort of information from the host exchange in its data feed. At eachtrading station is application software that is run to collect certainpieces of information from this data feed and it is displayed to thetrader. From this display, a trader may view this information and makedecisions on whether to enter an order, modify an order, or perform someother trading related operation. Sometimes the decisions regarding atrader's particular trading strategy are performed by a computer itselfgiven initial instruction by the trader.

In such an electronic marketplace, it becomes desirable to offer atrading tool that can assist a trader in making trades.

BRIEF DESCRIPTION OF THE DRAWINGS

Many aspects of the present embodiments may be better understood withreference to the following drawings. The components in the drawings arenot necessarily to scale, emphasis instead being placed uponillustrating example embodiments:

FIG. 1 is a block diagram illustrating an example network configurationfor a communication system utilized to access one or more electronicexchanges;

FIG. 2 is a block diagram illustrating a system for facilitating theautomatic trading of spreads over the example network shown in FIG. 1according to an example embodiment;

FIG. 3 is a block diagram illustrating an example spread configurationwindow utilized in accordance with the example system shown in FIG. 2;

FIG. 4 is a block diagram illustrating an example basic slopconfiguration window utilized in accordance with the example systemshown in FIG. 2;

FIG. 5 is a block diagram illustrating an example spread windowconfigured to use basic slop in accordance with the example system shownin FIG. 2;

FIG. 6 is a block diagram illustrating an example spread windowdisplaying visual representation of basic slop according to an exampleembodiment;

FIG. 7 is a block diagram illustrating an example advanced slopconfiguration window utilized in accordance with the example systemshown in FIG. 2;

FIG. 8 is a block diagram illustrating an example spread windowconfigured to use advanced slop in accordance with the example systemshown in FIG. 2;

FIG. 9 is a block diagram illustrating an example spread windowdisplaying visual representation of advanced slop according to anexample embodiment;

FIG. 10 is a block diagram illustrating a display of a spread windowwith visual representation of where an order could be re-pricedaccording to another example embodiment; and

FIG. 11 is a block diagram illustrating a spread market windowdisplaying an alert icon.

DETAILED DESCRIPTION I. Overview

In electronic trading, a trader may trade one or more tradeable objectsat any given time. There are all sorts of ways to place orders to buy orsell these tradeable objects. For instance, the trader might place anorder through the display screen of a trading station, or the tradermight set up an automated trading tool that can enter an order accordingto the trader's predefined instruction. Regardless of whether the tradermanually places the order through her trading station or the computerplaces the order, the trader may wish to regulate the placement of theorder.

There are tools to regulate certain types of order entry. For instance,U.S. patent application Ser. No. 10/137,979, entitled, “System andMethod for Performing Automatic Spread Trading,” provides a mechanismfor regulating order entry, referred to as “slop.” Slop, among otherthings, allows a trader to input certain parameters that are used todetermine whether an order should be placed in the market. Building offthat concept, U.S. patent application Ser. No. 10/403,333, entitled,“System and Method for Variably Regulating Automatic Order Entry in anElectronic Trading System,” provides advanced features to variablyregulate the order entry process. While these concepts are describedmore in the present application, the entire contents of eachapplication, namely application Ser. No. 10/137,979 and application Ser.No. 10/403,333, are incorporated herein by reference.

Generally, once programmed, trading tools that regulate order entry mayoften do so with or without the trader's notice of its action. This isbecause the trader may predefine the parameters in advance of the actionactually taking place. The present application describes various exampleembodiments that can be employed by trading tools, particularly thosethat use slop or slop-type concepts, to effectively inform the trader asto the current settings of these parameters and why certain actions ofthe computer may or may not be taking place. The example embodiments mayalso be used in manual-style trading by effectively assisting the traderin regulating order entry. Regardless of whether the trading tool ismanual or automatic in nature, the example embodiments can effectivelyincrease the knowledge and userability of an order regulatory featurefound in a trading tool. Additionally, the example embodimentspreferably do so without providing unnecessary clutter on the tradingscreen.

While the example embodiments are described herein with reference toillustrative embodiments for particular applications, it should beunderstood that the example embodiments are not limited thereto. Othersystems, methods, and advantages of the present embodiments will be orbecome apparent to one with skill in the art upon examination of thefollowing drawings and description. It is intended that all suchadditional systems, methods, features, and advantages be within thescope of the present invention, and be protected by the accompanyingclaims.

II. Hardware and Software Overview

As will be appreciated by one of ordinary skill in the art, the exampleembodiments may be operated in an entirely software embodiment, in anentirely hardware embodiment, or in a combination thereof. However, forsake of illustration, the example embodiments are described in asoftware-based embodiment, which is executed on a computer device. Assuch, the example embodiments take the form of a computer programproduct that is stored on a computer readable storage medium and isexecuted by a suitable instruction system in the computer device. Anysuitable computer readable medium may be utilized including hard disks,CD-ROMs, optical storage devices, or magnetic storage devices, forexample.

FIG. 1 is a block diagram illustrating an example system 100 that can beused to facilitate communication between an electronic exchange and aclient device. The system 100 includes a client device 102, gateway 104,and host exchange 106. System 100 also includes a plurality ofcommunication links 112, 114, and 116 between the client device 102,gateway 104, and host exchange 106. While FIG. 1 shows two connectionsbetween the client device 102 and the gateway 104, it should beunderstood that a single connection could be used as well. Similarly,one connection could exist between the gateway 104 and the host exchange106. During a trading session, market data 108, in the form of messages,may be relayed from the host exchange 106 over the communication links116 and 112 to the client device. As illustrated in FIG. 1, intermediatedevices, such as gateway(s) 104, may be used to facilitatecommunications between the client device 102 and the host exchange 106.It should be understood that while FIG. 1 illustrates the client device102 communicating with a single host exchange 106, in an alternativeembodiment, the client device 102 could establish trading sessions tomore than one host exchange.

The market data 108 contains information that characterizes thetradeable object's order book including, among other parameters, orderrelated parameters, such as price and quantity, and the inside market,which represents the lowest sell price (also referred to as the best orlowest ask price), and the highest buy price (also referred to as thebest or highest bid price). In some electronic markets, market data mayalso include market depth, which generally refers to quantitiesavailable for trading the tradeable object at certain buy price levelsand quantities available for trading the tradeable object at certainsell price levels.

In addition to providing the tradeable object's order book information,electronic exchanges can offer different types of market informationsuch as total traded quantity for each price level, opening price, lasttraded price, last traded quantity, closing price, or order fillinformation. It should be understood that market information providedfrom an electronic exchange could include more or fewer items dependingon the type of tradeable object or the type of exchange. Also, it shouldbe understood that the messages provided in the market data 108 may varyin size depending on the content carried by them, and the software atthe receiving end may be programmed to understand the messages and toact out certain operations.

A trader may view the information provided from an exchange via one ormore specialized trading screens created by software running on theclient device 102. Upon viewing the market information or a portionthereof, a trader may wish to take actions, such as send orders to anexchange, cancel orders at the exchange, or change order parameters, forexample. To do so, the trader may input various commands or signals intothe client device 102. Upon receiving one or more commands or signalsfrom the trader, the client device 102 may generate messages thatreflect the actions taken, generally shown at 110. It should beunderstood that different types of messages or order types can besubmitted to the host exchange 106, all of which may be consideredvarious types of transaction information. Once generated, user actionmessages 110 may be sent from the client device 102 to the host exchangeover communication links 114 and 116.

The client device 102 may use software that creates specializedinteractive trading screens on the client device 102. The tradingscreens enable the traders to enter and execute orders, obtain marketquotes, and monitor positions while implementing various tradingstrategies including those previously used on the floor of an exchange.Such strategies incorporated into an electronic marketplace can improvethe speed, accuracy, and ultimately the profitability of tradingelectronically. One such trading strategy is spread trading.

The range and quality of features available to the trader on his or hertrading screen varies according to the specific software applicationbeing run. In addition to or in place of the interactive tradingscreens, the client device 102 may run automated non-interactive typesof trading applications.

A commercially available trading application that allows a user to tradein environments like those shown in FIG. 1 and subsequent figures isX_TRADER® from Trading Technologies International, Inc. of Chicago, Ill.X_TRADER® also provides an electronic trading interface, referred to asMD Trader™, in which desired orders and bid/ask quantities are displayedin association with a static price axis or scale. Portions of theX_TRADER® and the MD Trader™-style display are described in U.S. Pat.No. 6,772,132 entitled “Click Based Trading With Intuitive Grid Displayof Market Depth,” filed on Jun. 9, 2000, U.S. patent application Ser.No. 09/971,087, entitled “Click Based Trading With Intuitive GridDisplay of Market Depth and Price Consolidation,” filed on Oct. 5, 2001,and U.S. patent application Ser. No. 10/125,894, entitled “Trading Toolsfor Electronic Trading,” filed on Apr. 19, 2002, the contents of eachare incorporated herein by reference. While it may be preferred toemploy an MD Trader™ type screen, a person of ordinary skill in the artwill recognize that the example embodiments described herein are notlimited to any particular type of trading application.

III. Automatic Spread Trading Overview

The example embodiments are described with particular reference tospread trading and trading tools that assist a trader in spread trading.However, as pointed out earlier, the present invention is not limitedfor use with an automated spread trading tool, but may be applied to anyparticular trading tool that has an order entry system where limitingthe frequency at which orders are placed or re-priced in the market maybe beneficial. For instance, another type of trading tool that has anautomated order entry system and may benefit using the preferredembodiments is described in U.S. patent application Ser. No. 10/284,584,filed on Oct. 31, 2002 and entitled, “System and Method for AutomatedTrading,” the contents of which are incorporated herein by reference.One skilled in the art may readily adapt the example embodiments to workwith this type of automated trading tool, for instance, or some othertype of trading tool using the teachings described herein.

To assist in understanding how an automated spread trading tool mightwork, a general description is provided below. However, an automatedspread trading tool and its functions are described in greater detailand may be referenced in an already incorporated U.S. patent applicationSer. No. 10/137,979, filed on May 3, 2002 and entitled, “System andMethod for Performing Automatic Spread Trading.”

According to the example embodiments, a trader selects the individualtradeable objects underlying the spread, referred to herein as the“legs” of the spread. Generally, a “spread” is the purchase or sale ofone or more tradeable objects and an associated purchase or sale of oneor more other tradeable objects, in the expectation that the pricerelationships will change so that subsequent offsetting tradespotentially yield a net profit. An automated spread trading application,referred to herein as the automatic spreader, generates spread databased on information in the legs and based on spread setting parameters,which are configurable by the trader. The spread data is communicated toa graphical user interface (“GUI manager” 218) where it is displayed ina spread window. The spread window could also display data related toeach leg of the spread. The data related to each leg of the spread mayalso be displayed in separate windows from the spread window. At theclient device, the trader can enter orders in the spread window, and theautomatic spreader will automatically work the legs to achieve (orattempt to achieve) the spread. It should be understood that thoseskilled in the art of trading are familiar with a wide variety of spreadtrading techniques, and the present embodiments are not limited to anyparticular type of spread trading technique.

FIG. 2 is a block diagram illustrating an example system 200 forfacilitating the automatic trading of spreads. The system 200 includesan applications program interface (“API”) 206 that translates marketdata 208 for one or more tradeable objects to an appropriate dataformat, referred to as market data feed(s) 202, which are communicatedbetween the different exchanges and trading applications hosted on theclient devices. Client devices may be computing devices such as personalcomputers, laptop computers, hand-held devices, and so forth. The system200 preferably supports a plurality of exchanges and client devices.

A client device 212 is shown in more detail to illustrate theinteraction between its software and/or hardware components. The clientdevice 212 includes a trading application 210, a slop applicationmanager 214, an automatic spreader 216, and a GUI manager 218. Whileonly four components are shown, it should be understood that the clientdevice 212 could include additional components as well. In one exampleembodiment, the trading application 210 and the automatic spreader 216are software applications hosted on the client device 212. Although theautomatic spreader 216 is shown together with the trading application210, it should be understood that the automatic spreader 216 and thetrading application 210 may be the same software application or separatesoftware applications on the same or different terminals. Alternatively,the automatic spreader 216 and/or the trading application 210 can behosted on a server and accessed by the client devices 212 over anetwork.

In one example embodiment, a trader can configure the automatic spreader216 to use slop functionality. Slop is used as a means of regulatingorder entry that can occur in the individual legs of a desired spreadorder in the automatic spreader 216. Two example types of slop are basicslop and advanced slop, which will be described in greater detail below.The slop application manager 214 can be configured to directlycommunicate with the automatic spreader 216. Alternatively, the slopapplication manager 214 could be included in the automatic spreader 216.As will be described in greater detail below, the slop applicationmanager 214 can be configured by the user to have a plurality of insideand outside slop values, also known as the acceptable slop ranges, whichare used to determine when a desired spread order should be re-priced inthe spread window. The GUI manager 218 is a software application, asshown in FIG. 2, but preferably may work with hardware components suchas an input device like a mouse, keyboard, or touch screen, and anoutput device like a monitor, for example.

In general, as shown in FIG. 2, market data feeds (for tradeableobjects) are communicated from the API 206 to the trading application210 where they are stored and continuously updated (or periodicallyupdated). Using some or all of the market data feeds and the spreadsetting parameters, the automatic spreader 216 generates spread data220. The spread data 220 preferably includes spread price, and spreadmarket depth, but may alternatively include other items of interest tothe user such as the last traded price (LTP) and the last tradedquantity (LTQ). The spread data 220 is communicated to the GUI manager218 where it can be displayed in a spread window and traded.

Before a trader starts trading, the trader may configure spreadparameters to be used by the automatic spreader 216. FIG. 3 is a blockdiagram illustrating an example spread configuration window 300 that canbe used to configure spread parameters for trading spreads. The spreadconfiguration window 300 includes two individual legs 304 and 306respectively, although any number of legs may be added to the spreadconfiguration window 300. In one example embodiment, the spreadconfiguration window 300 includes many spread parameters that can be setby a trader to customize the spread data feed. As such, the spreadparameters may control the behavior of the spread as it is generatedand/or displayed and/or traded, depending on the particular parameter.An example list of spread parameters is provided here. The “Spread Name”302 provides the name of the spread and/or the names of the underlyingtradeable objects. Moreover, the names of the legs are displayed in the“Leg” fields 304 and 306. Alternatively, a trader can personalize thespread by renaming the spread and/or legs to have any desired name.Other parameters include “Inside Slop” 308, “Outside Slop” 310, “LegColor ID” 312, “Implied Spread Price” 314, “Net Change” 316, “CustomerAccount” 318, “Active Quoting” 320, “Adjust for Market Depth” 322,“Offset with” 324, “Payup Ticks” 326, “Spread Ratio” 328, “SpreadMultiplier” 330, “Offset Volume Multiplier” 332, “Use Cancel/Replacerather than Change” 334, “Price Reasonability check on leg” 336, and“Slop” 338. A trader may select “OK” 340 when the spread has beenconfigured to open a spread window and individual leg windows. It willbe appreciated by those skilled in the art that the parameters above maybe flexible and/or change as circumstances dictate because of the widerange of products that can be traded using the automatic spreader.Moreover, the columns of the spread configuration window 300 can bedragged and dropped such that the user can re-arrange the order of thelegs.

IV. Basic Slop Overview

Generally, slop is used as a means of controlling the rate at which theworking leg orders on a spread are changed in the outright markets. Slopmay be used to avoid excessive quoting that can result in the assessmentof transaction fees by certain exchanges. It is also helpful whenmaintaining a position in the order queue at an electronic exchange. Theimplementation of slop results in the creation of a price range aboveand below your desired spread price at which you are willing to befilled. The slop values apply to the spread price and not to theindividual leg prices. Basic Slop configuration uses one level of Insideand Outside slop to determine when to re-price the quoted outright legsbased upon movement in the market.

The inside and outside slop values are understood to be the acceptableprice range set by the trader. The inside slop value generally definesthe worst prices (the highest in the case of the spread bid and thelowest in the case of a spread offer) a trader is willing to accept fora spread, and the outside slop generally defines the best price (thelowest in the case of a spread bid and the highest in the case of aspread offer) the trader is willing to accept for a spread. A slop valueof 0 indicates that the legs will be re-quoted every time the marketprices in the individual legs move. The larger the slop value, thelarger the slop range will be. Larger slop values allow for more marketfluctuation before the automatic spreader re-quotes the legs.

i) Basic Slop Example

Referring back to FIG. 3, using the spread configuration window 300, atrader may quickly activate basic slop and input the inside and outsideslop parameters at 308 and 310, respectively. Another way to activatebasic slop is to select Slop button 338 which will activate the slopconfiguration window 400 shown in FIG. 4. FIG. 4 is a block diagramillustrating an example basic slop configuration window 400 that can beused to configure basic slop parameters. The basic slop configurationwindow 400 can be used to define the values for the basic slopparameters, inside and outside slop, using fields 402 and 404,respectively. Icons 406 and 408 are used to accept or cancel changesmade to the slop configuration window 400.

FIG. 5 is a block diagram illustrating an example spread window 500configured with basic slop parameters. Spread window 500 displays aworking quantity column 502, bid quantity column 504, ask quantitycolumn 506, and price column 508. The working quantity column 502displays desired orders to buy or sell the spread. The bid quantitycolumn 504 displays buy order quantities associated with the pricelevels in price column 508. The ask quantity column 506 displays offerorder quantities associated with the price levels in price column 508.The price column 508 shows price levels in one tick increments (pricescan be positive or negative). It should be understood that the priceslevels or tick increments in the price column are statically displayed,that is, they do not normally change positions. The price column isdisplayed corresponding to the working bid and working ask columns whichare dynamically displayed, that is they move up and down to reflectmarket activity. To assist in understanding how static and dynamiccolumns work a general description is provided in an alreadyincorporated U.S. Pat. No. 6,772,132, entitled “Click Based Trading withIntuitive Grid Display of Market Depth,” filed on Jun. 9, 2000.

Spread window 500 assumes that a trader has desired spread offer order510 at a price of −49.00 and a desired spread bid order 512 at a priceof −53.0. Assuming that this example involves the two leg spread asdefined in FIG. 3, the spread bid corresponds to a bid in a first legand an offer in a second leg. Similarly, the spread offer corresponds toan offer in the first leg and a bid in the second leg. Let's assume thata trader used the slop configuration window 400 of FIG. 4 to set theinside slop value to 2 and the outside slop value to 2. Based on theslop settings, the acceptable slop range for the desired spread offerorder 510 would be between −47.5 and −50.0, as shown at 514. Similarly,the acceptable slop range for the desired spread bid order 512 would bebetween −52.0 and −54.5, as shown at 516. According to this example, thedesired spread acceptable range values can be calculated as follows:

For the spread bid: Inner Price=−53.0+2 ticks=−52.0

-   -   Outer Price=−53.0−3 ticks=−54.5

For the spread offer: Inner Price=−49.0−2 ticks=−50.0

-   -   Outer Price=−49.0+3 ticks=−47.5

V. Visual Representation of Basic Slop

One or more slop ranges may be visually represented in relation to aspread order interface such as spread window 500 shown in FIG. 5. Atrader could configure the visual representation of the basic slopparameters via the slop configuration window 400 shown in FIG. 4. Afterconfiguring the inside slop and outside slop values, the trader can thenselect visual indicators to represent the values in relation to thespread window. According to one example embodiment, a trader couldselect and activate visual indicators to be used in relation to slopparameters via the slop configuration window 400. To do that, a tradercould right or left click on each respective field 402 and 404, whichmay then activate another window or menu defining a plurality of visualindicators that could be used to visually indicate the slop range.Alternatively, another selection icon could be provided in the slopconfiguration window 400, and the icon could be used to activate anotherinterface that a trader could used to select a visual indicator. Itshould be understood that a trader may define all or only some of theslop ranges to be visually represented in relation to the spread window.Also, many different embodiments could be used to visually represent aslop range. For example, one or more visual indicators, such as shading,brackets, lines, or two separate indicators corresponding to the highestvalue and the lowest value of the slop range could be used.

i) Visual Representation of Basic Slop Example

FIG. 6 is a block diagram illustrating an example spread window 600configured to visually represent basic slop parameters. Spread window600 displays a working quantity column 602, bid quantity column 604, askquantity column 606, and price column 608. The working quantity column602 displays desired orders to buy or sell the spread. The bid quantitycolumn 604 displays buy order quantities available in relation tocertain price levels in price column 608. The ask quantity column 606displays offer order quantities available in relation to certain pricelevels in price column 608. The price column 608 shows price levels inone tick increments (prices can be positive or negative).

Spread window 600 displays example visual indicators, configured usingthe method previously described, to visually represent the inside andoutside slop ranges corresponding to the desired spread orders 618 and620. Desired spread offer order 618 corresponds to visual indicators 610and 612. Visual indicator 610 corresponds to the outside slop parameter404 shown in FIG. 4, which was defined with a value of 3. Visualindicator 612 corresponds to inside slop parameter 402 shown in FIG. 4,which was defined with a value of 2. Similarly, the desired spread bidorder 620 corresponds to visual indicators 614 and 616. Visualindicators 614 and 616 correspond to the inside and outside slopparameters 402 and 404 shown in FIG. 4, respectively.

A trader utilizing the configured visual representation in the spreadwindow 600, can visually identify that the desired spread offer order618 has an outside slop range from −47.5 to −48.5 and an inside sloprange from −49.5 to −50.0. Likewise, a trader can visually identify thatthe desired spread bid order 620 has an inside slop range from −52.0 to−52.5 and an outside slop range from −53.5 to −54.5. As explained above,it should be understood that many different embodiments could be used todisplay a visual indicator associated with a slop range. The arrangementof the visual indicators shown in FIG. 6 provides one way to displaythem; however, the present invention is not so limited, as understood bya person skilled in the art.

It is not necessary for the visual indicators to always be displayed. Assuch, the visual indicators may be displayed when a new desired spreadorder is entered and/or displayed, such as in the spread window 600. Forexample, spread window 600 currently displays desired orders 618 and 620with the corresponding visually represented slop ranges 610, 612, 614,and 616, respectively. If additional orders were entered by a trader,then the spread window 600 would display additional order indicators inthe working quantity column 602 and the corresponding slop ranges foreach order. Alternatively, the visual indicators can be displayed basedon, for example, a trader action, keystroke, audio input, or marketevent. In addition to visual indicators illustrating a slop range,numerical values that were used to determine the slop range could bedisplayed as well.

VI. Advanced Slop Overview

Rather than setting a single range of inside and outside slop parametersfor each leg of the spread, such as described in the Basic Slop Overviewsection, with respect to basic slop, a trader could set more than onerange of inside and outside slop parameters and adjustable rangeparameters. The concept of using more than one range of inside andoutside slop parameters will be referred to hereinafter as “advancedslop”.

According to advanced slop, a trader can define inside slop, outsideslop, and adjustable range parameters. An adjustable range is defined asa plurality of ranges, with each range being associated with a set ofinside and outside slop parameters. When a spread order is entered at aprice level within a defined adjustable range, then a set of inside andoutside slop parameters associated with that adjustable range will beused to evaluate whether a leg order should be moved or re-priced tomaintain the desired spread order price. Likewise, if a spread order isentered at a price level associated with another adjustable range, thenthe set of inside and outside slop parameters corresponding to thatrange will be used to evaluate whether a leg order should be moved orre-priced to maintain the desired spread order price. By using advancedslop, a trader could variably and more flexibly control order entry oftrading systems, and in particular, automated or semi-automated tradingtools. A more detailed description of re-pricing and advanced slopfunctionality is provided in an already incorporated in U.S. patentapplication Ser. No. 10/403,333, filed on Mar. 31, 2003 and entitled“System and Method for Variably Regulating Automatic Order Entry in anElectronic Trading System.”

FIG. 7 is a block diagram illustrating an example advanced slopconfiguration window 700 that can be used to configure advanced slopparameters. The advanced slop configuration window 700 can be used todefine the values for inside slop, outside slop in relation to aplurality of and one or more adjustable ranges. Slop configurationwindow 700 displays one example set of parameters that could be definedfor advanced slop. In particular, slop configuration window 700 displaysthree ranges (although one or more ranges may appear, if so programmed)and their corresponding inside slop parameters, outside slop parameters,and adjustable range parameters, although any number of ranges may beconfigured by the user. The parameters in slop configuration window 700can be used in relation to both buy spread orders and sell spreadorders. However, alternatively, different ranges could be defined forbuy and sell spread orders. When a desired spread order falls within aconfigured range, then that range's inside and outside slop parametersare preferably used to evaluate whether a leg order should be moved orre-priced to maintain the desired spread order price.

According to slop configuration window 700, there are three ranges 702,708, and 714, although any number of ranges could be defined based ontrader preferences. For example, only one range might be used, or onlytwo ranges, or four ranges, and so on. Also, only one inside or outsideslop parameter may be used, if so desired. Range 702 has an inside slopparameter and an outside slop parameter that can be specified usingfields 704, 706, respectively. Range 708 has inside slop and outsideslop parameters that can be specified using fields 710, 712. Then, range714 has inside slop and outside slop parameters that can be specifiedusing fields 716, 718. If the trader wants to add an additional range,he or she can select icon 720. If the trader wants to delete a range, heor she can select the range and select icon 722. Icons 724 and 726 areused to accept or cancel changes.

Referring to FIG. 7, if a trader wanted the first adjustable range toencompass 4 price levels or ticks from the best bid and best offer, thetrader could select the range 1 parameter 702 and enter a value of 0.Then, in the range 2 parameter 708, the trader could enter a value of 4,thus creating the first adjustable range, range 1, 0≦X≦4. Any buy orsell spread order entered in range 1 would then use inside and outsideslop parameters 704 and 706, respectively. Alternatively, as mentionedabove, different slop values could be defined for buy and sell orders.

A trader may wish to set one or more ranges of inside and outside slopparameters and one or more adjustable ranges. Once the trader hasconfigured one range, slop configuration window 700 shown in FIG. 7 canbe used to configure a second range. If the trader wants the secondadjustable range to encompass 4 price levels or ticks past the firstconfigured adjustable range, the trader could select the field 714 andenter a value of 8. Entering a value of 8 in the range 3 parameter wouldthus create the second adjustable range, range 2, 4≦X≦8. Any buy or sellspread order entered in range 2 would the use inside and outside slopparameters 710 and 712, respectively.

Since there are only three ranges defined in this example embodiment,the value defined in the field 714 can be used as a starting point ofrange 3, with range 3 being 8≦X≦∞. Any buy or sell spread order enteredin range 3 would then use inside and outside slop parameters 716 and718, respectively.

Alternatively, the ranges could correspond to integer price levels. Forexample, for any buy spread orders, range 1 might include integer pricelevels −50, −51, −52, −53, and −54 rather than tick levels used directlyabove. For any sell spread orders, range 1 might include integer pricelevels −50, −49, −48, −47, and −46. The example embodiments may utilizeany unit of measure to define the ranges and therefore the exampleembodiments are not limited to the increments used or described herein.

According to one embodiment, the ranges for buy spread orders preferablystart from the best offer, and the ranges for the sell spread orderspreferably start from the best bid. Moreover, the buy side ranges couldstart from the best bid or some other designated reference point (e.g.,last traded price (LTP), last traded quantity (LTQ), a theoreticalprice, or some other reference point), and the sell side ranges couldstart from the best offer or some other designated reference point(e.g., last traded price (LTP), last traded quantity (LTQ), atheoretical price, or some other reference point). Therefore, it shouldbe understood that the example embodiments are not limited to where arange starts and ends or what price levels a range is referenced from.

i) Advanced Slop Example

FIG. 8 is a block diagram illustrating an example spread window 800configured for advanced slop. The display 800 shows a working quantitycolumn 802, bid quantity column 804, ask quantity column 806, and pricecolumn 808. The working quantity column 802 displays desired orders tobuy or sell tradeable objects. The bid quantity column 804 displays bidquantities associated with the price levels in price column 808. The askquantity column 806 displays ask quantities associated with the pricelevels in price column 808. The price column 808 shows price levels inone tick increments (prices can be positive or negative).

FIG. 8 shows a plurality of range levels determined based on a sloprange definition described in reference to FIG. 7. The ranges are shownusing brackets for ease of illustration. As previously described, if adesired spread order price falls within one of the ranges, then theparameters corresponding to that range apply. For any buy spread orders,range 1, 0≦X≦4 corresponds to price levels or ticks −50.5, −51.0, −51.5,and −52.0. Note that some other price unit may be used instead of 0.5increments. Similarly, for any sell spread orders, range 1, 0≦X≦4,corresponds to price levels or ticks −50.5, −50.0, −49.5, and −49.0. Forany buy spread orders, range 2, 4≦X≦8, corresponds to price levels−52.5, −53.0, −53.5, and −54.0. For any sell spread orders, range 2,4≦X≦8, corresponds to price levels −48.5, −48.0, −47.5, and −47.0. Forany buy spread orders, range 3, 8≦X≦∞, corresponds to price levels−54.5, −55.0, −55.5, −60.0, and so on. For any sell spread orders, range3, 8≦X≦∞, corresponds to price levels −46.5, −46.0, −45.5, −45.0, and soon.

Accordingly, the sell spread order at price −49.0, falls in one of theprice levels in range 1. Range 1, as defined in FIG. 7, is associatedwith the inside slop parameter value of 2 and with the outside slopvalue of 3. The defined slop values would then be used in relation tothe spread order at the price of −49.0. Likewise, the buy spread orderat price −53.0, falls in one of the price levels in range 2. Let'sassume that a trader also used the slop configuration window 700 of FIG.7 to set the inside slop value of 2 and outside slop value of 2 inrelation to Range 2.

VII. Visual Representation of Advanced Slop

Just as a trader could enable the visual representation of the basicslop ranges, a trader could may also enable the visual representation ofthe advanced slop. When a trader defines advanced slop parameters, oneor more corresponding slop ranges could be visually represented inrelation to the automatic spreader interface such as spread window 800shown in FIG. 8. A trader could activate and configure the visualrepresentation of the advanced slop parameters via the slopconfiguration window 700 shown in FIG. 7. As described in the previoussection, the advanced slop parameters available for trader configurationare inside slop, outside slop, and adjustable range. After configuringthe inside slop and outside slop parameters, and the adjustable rangeparameters, the trader may then specify visual indicators to be used.According to one example embodiment a trader may select and activatevisual indicators to be used in relation to slop parameterscorresponding to each range via the slop configuration window 700. To dothat, a trader could select each respective adjustable range field 702,708, or 714, such as right or left clicking on each respective field.Likewise, a trader could select inside or outside slop fields 704, 706,710, 712, 716, or 718 to select and activate visual indictors. Theselection of each field could then activate another window or menudefining a plurality of visual indicators that could be selected tovisually represent the slop range.

Similarly to the visual indicators used in relation to the basic slop,it should be understood that a trader may define all or only some of theadvanced slop ranges to be visually shown in relation to the spreadwindow. It should also be understood that many different embodimentscould be used to display an advanced slop range. For example, one ormore graphical indicators, such as shading, brackets, lines, or twoseparate indicators corresponding to the highest value and the lowestvalue of the slop range could be used.

i) Visual Representation of Advanced Slop Example

FIG. 9 is a block diagram illustrating an example spread window 900displaying visual representation of advanced slop. Spread window 900displays a working quantity column 902, bid quantity column 904, askquantity column 906, and price column 908. The working quantity column902 displays desired orders to buy or sell the spread. The bid quantitycolumn 904 displays buy order quantities associated with the pricelevels in price column 908. The ask quantity column 906 displays offerorder quantities associated with the price levels in price column 908.The price column 908 shows price levels in one tick increments (pricescan be positive or negative); however, different tick increments couldbe selected as well.

Spread window 900 also displays example visual indicators, configuredusing the method previously described, to visually represent the insideand outside slop ranges and the adjustable ranges corresponding to thedesired spread orders 926 and 928. Desired spread offer order 926 wasentered at price level −49.0 which falls within range 1 as defined inthe slop configuration window 700. Since desired spread offer order 926was entered in range 1, it is associated with inside and outside slopvalues of 3 and 2, respectively, also defined in slop configurationwindow 700. Desired spread offer order 926 is located within range 1which is visually represented by visual indicator 920. The outside andinside slop values corresponding to the spread offer order 926 are shownusing an outside slop visual indicator 910 and an inside slop visualindicator 912. Desired spread bid order 928 was entered at price level−53.0 which falls within range 2 as defined in the slop configurationwindow 700. Since desired spread bid order 928 was entered in range 2,it is associated with inside and outside slop values of 2 and 2,respectively, also defined in slop configuration window 700. Desiredspread bid order 928 is located within range 2 which is visuallyrepresented by visual indicator 922. The inside and outside slop valuescorresponding to spread bid order 928 are shown using an inside slopvisual indicator 914 and an outside slop visual indicator 916. Althoughno desired spread order is shown in relation to range 3, range 3 isvisually represented by visual indicator 924.

A trader utilizing the configured visual representation shown in thespread window 900, can visually determine that the desired spread offerorder 926 has an outside slop range of −47.5 to −48.5 and an inside sloprange −49.5 to −50.0. Likewise, a trader can visually determine that thedesired spread bid order 928 has an inside slop range of −52.0 to −52.5and an outside slop range of −53.5 to −54. As explained above, it shouldbe understood that many different embodiments could be used to display avisual indicator associated with a slop range. It should also beunderstood that the visual indicators can be displayed when a desiredspread order is displayed in the spread window 900. For example, spreadwindow 900 currently display desired orders 926 and 928 with thecorresponding visually represented slop ranges 910, 912 and 914, 916,respectively. If additional orders were entered by a trader, then thespread window 900 would display additional orders in the workingquantity column 902 and the corresponding slop ranges for each order.Alternatively, the visual indicators can be activated based on, forexample, a trader action, keystroke, audio input, or market event. Itshould also be understood that the trader can configured how the rangescan be displayed for example by visual indicators or display values forthe ranges.

VIII. Modification of Slop Parameters

In another embodiment, a trader can modify the inside slop, outsideslop, or adjustable range parameters from the spread window 900 insteadof using slop configuration window 700. To do this a trader can selectthe visual indicator to either modify the value or to modify thelocation. For instance, to increase the inside slop value from 2 to 3, atrader could select visual indicator 912 shown in FIG. 9 by selectingthe lower edge of the visual indicator and drag it towards the price−50.5. Likewise, to increase the outside slop value of outside slopvisual indicator 916 from 2 to 3, a trader could selecting the loweredge of the visual indicator and drag it towards the price −54.5. Atrader can also modify an adjustable range parameter by dragging eitherthe top edge or lower edge to either increase or decrease the value. Forexample, a trader could decrease the range associated visual indicator920 by selecting either the top edge or the lower edge and dragging iteither towards the price −49.5 or −51.5. In this example, selectingeither edge would modify the size of the adjustable range. If the traderselected the top edge and dragged it towards the price of −49.5, theadjustable range would change the range from 0≦X≦4 to 0≦X≦3. Modifyingthe value of one range could automatically modify the values of theadjacent range. For example, if visual indicator 920 was modified asdescribed above, the adjacent range, displayed as visual indicators 918and 922, would change from having a range of 4≦X≦8 to having a range of3≦X≦8. As previously described in detail, the example embodiments arenot limited to where a range starts and ends or what price levels arange is referenced from. The adjustable ranges for the ask side and thebid side can be independent of each other and could be modifiedindependently of each other.

Additionally, in another embodiment, a trader could set the inside slop,outside slop, or adjustable range parameter from the spread window 900instead of activating the slop configuration window. Using the same thesame technique of dragging as described above, the trader could selectthe price levels to associate with the inside slop, outside slop oradjustable range parameters. Once the prices levels were selected theycould be visually represented as shown in FIG. 9. The trader could thenmodify the ranges as previously described.

It should be understood that the values associated with the visualindicators can be selected to increase, decrease, or completely modifythe position of the inside slop, outside slop, or adjustable rangeparameters. The ability to modify the inside slop, outside slop, andadjustable range parameters from the spread window 900 allows a traderto more efficiently monitor their desired orders without the need toactivate an additional screen to change parameters that are currently inuse.

IX. Visual Representation of Effective Spread Price

As shown in relation to the preceding figures, when a trader enters adesired spread order price, the automatic spreader automatically placesorders (leg orders) in the appropriate legs to achieve or attempt toachieve the desired spread price. The automatic spreader may, among,other things, calculate the quantities and the prices for the leg ordersbased on market conditions in the other legs. As the market conditionsfor each leg move, an effective spread order price may be calculated.The effective spread order price refers to the price where the spreadcould be achieved if the leg orders were filled at that moment in time.

Using a conventional automated spread trading tool, if the effectivespread order price is different from the desired spread order price,then the automated spread trading tool would move or re-price one ormore of the leg orders to maintain the desired spread order price. Usingslop, while the effective spread order price is within the acceptablerange (e.g., such as defined by inside and/or outside slop), then theleg orders are not moved or re-priced. If the effective spread orderprice falls outside of the acceptable range, then one or more leg ordersare moved or re-priced to maintain the desired spread order price.

The automatic spreader displays an indicator at the desired spread orderprice to graphically represent the trader's desired spread price.Additionally, an indicator may be displayed at the effective spreadorder price to graphically represent the spread price that the traderwould get if the leg orders were filled at that moment in time. Theindicator may be displayed in the same column or field as the indicatorrepresenting the desired spread order price (e.g., distinguished bygraphics or color), or alternatively, the effective spread order priceindicator may be displayed at some other location.

Without an effective spread order-price indicator, once the spread isachieved, the indicator representing the desired spread order pricedisappears from the spread window, the trader may be left not knowingthe achieved spread price. However, with an effective spread order priceindicator, it is more likely that the trader will know the achievedspread price. Additionally, the trader can visually compare theeffective spread order price indicator with the slop indicators todetermine whether the effective spread order price is within theacceptable range of prices.

i) Visual Representation of Effective Spread Price Example

FIG. 10 is a block diagram illustrating an example display of spreadwindow 1000 that visually represents an effective spread order priceicon in relation to a desired spread order price icon. Spread window1000 displays a working quantity column 1002, bid quantity column 1004,ask quantity column 1006, and price column 1008. The working quantitycolumn 1002 displays desired orders to buy or sell tradeable objects.The bid quantity column 1004 displays buy order quantities associatedwith the price levels in price column 1008. The ask quantity column 1006displays offer order quantities associated with the price levels inprice column 1008. The price column 1008 shows price levels in one tickincrements (prices can be positive or negative).

Window 1000 also displays a desired spread sell order at −49.0 which islocated in range 1 and desired spread buy order at −53.0 which islocated in range 2. Range 1 and range 2 are determined based on theadvanced slop parameters defined in relation to the earlier Figures. Thetrader has configured range 1 to encompass price levels that would beacceptable for the spread order to be filled at, specifically −49.0,−49.5, −50.0, and −50.5. The trader has also configured range 2 toencompass price levels that would be acceptable for the spread orders tobe filled at, specifically −52.5, −53.0, −53.5, or −54.0. Visualindicator 1010 represents the effective spread order price for thedesired spread order entered at −49.0. Likewise, visual indicator 1012represents the effective spread order price of the desired spread orderentered at −53.0. The desired spread order price indicators at −49.0 and−53.0 are is still displayed because they have not yet been filled.Let's assume that based on the current market conditions correspondingto the individual legs of the spread, the effective spread order pricefor desired spread order at −49.0 is −50.5. Likewise, let's assume thatbased on the current market conditions corresponding to the individuallegs of the spread, the effective spread order price for the desiredorder at −53.0 is −54.0. If the individual leg orders were filled duringsuch market conditions, the desired spread order at −49.0 may be filledat −50.5 instead of −49.0, and the desired spread order entered at −53.0may be filled at −54.0 instead of −53.0.

It is understood that there are a number of ways to associate theeffective spread order price indicator with the desired spread orderprice indicator. For example, color coding, shading, text, or any othermechanism may associate the indicators so that a trader will preferablyknow the relationship between the indicators.

X. Visual Representation of Effective Price

In another example embodiment, an effective price indicator could beshown in relation to the effective prices of orders in the individuallegs of the spread. Rather than calculating an effective spread orderprice, the automatic spread could calculate effective prices of ordersin each leg of the spread. In particular, as the market conditions foreach leg move, the effective prices of orders in the other legs may becalculated such that the desired spread price being sought by the tradercan be maintained. Using a conventional automatic spreader, if theeffective prices of the leg orders are different from the prices of theleg orders, then the automatic spreader would move or re-price the legorders. However, in this embodiment, the effective price indicator couldvisually represent the effective prices of the individual leg orders andwhere they would be re-priced to maintain the desired spread price.

In another example embodiment, an effective price indicator may also beused when slop is not enabled. When an automatic spreader re-prices aworking leg order, the effective price indicator may be used to indicatethe price at which the working leg order will be moved. Therefore, ifthere is some delay in deleting and replacing the working leg order, atrader can visually see before the order is actually re-priced, wherethe working leg order will be moved. While this is particularly usefulwhen slop is not enabled, it may also be used when slop is enabledespecially during those times that the working leg order is actuallyre-priced (e.g., the effective spread order price indicator fallsoutside the acceptable range of prices, and the working leg order getsre-priced to maintain the desired spread price).

XI. Conditional Display of Visual Indicators

While some traders may wish to continuously view indicators associatedwith slop ranges, inside and outside slop, others may want to view themonly upon detecting certain conditions. The conditions could take manydifferent formats, including detecting certain user inputs, such as, forexample, locating a user input device in certain areas of the tradinginterface, detecting predetermined keystrokes, audio inputs, or yet someother inputs. According to one example embodiment, to activate some orall indicators, a trader could position a mouse in relation to a desiredspread order, which could then activate the display of visual indicatorsof the inside slop, outside slop, or adjustable range associated withthat desired order. It should be understood that the example embodimentsare not limited to displaying all visual indicators upon detectingcertain user inputs, and a trader could define which indicators thetrader wishes to view.

XII. Alerts

In another example embodiment a trader may wish not to view the visualindicators in relation to a spread trading interface, such as spreadwindow 1100 as shown in FIG. 11. Instead, a trader may pre-configure anumber of audio alerts with defined sounds to be used in relation to oneor more ranges. Alerts can be activated by a trader's desired spreadorders moving in and out of the configured acceptable slop ranges.Alternatively, alerts can be activated by an outside source.

In another embodiment, audio alerts can be provided automatically or atrader could manually select an alert icon 1110, as shown in FIG. 11,which could provide an alert indicating whether or not slop is enabledin the specific spread window.

An alternative to an alert sounding when an order moved in or out of anacceptable price range, an alert could sound to notify the trader whenchanges have been made to the actual inside slop, outside slop, oradjustable range parameters. It should be understood that the presentembodiment is not limited to providing any specific alert when changesor movement in relation to inside slop, outside slop or adjustable rangeparameters occurs. Further, the type of alert can be configurable by thetrader.

CONCLUSION

The above description of the example embodiments, alternativeembodiments, and specific examples, are given by way of illustration andshould not be viewed as limiting. Also, many changes and modificationswithin the scope of the present embodiments may be made withoutdeparting from the spirit thereof, and the present invention includessuch changes and modifications.

It will be apparent to those of ordinary skill in the art that methodsinvolved in the system and method for providing trading information inrelation to a plurality of trade levels may be embodied in a computerprogram product that includes one or more computer readable media. Forexample, a computer readable medium can include a readable memorydevice, such as a hard drive device, a CD-ROM, a DVD-ROM, or a computerdiskette, having computer readable program code segments stored thereon.The computer readable medium can also include a communications ortransmission medium, such as, a bus or a communication link, eitheroptical, wired or wireless having program code segments carried thereonas digital or analog data signals.

The claims should not be read as limited to the described order orelements unless stated to that effect. Therefore, all embodiments thatcome within the scope and spirit of the following claims and equivalentsthereto are claimed as the invention.

1. A method for displaying information relating to a trading strategyinvolving a tradeable object being traded electronically on anelectronic exchange, comprising: displaying, on a graphical userinterface device, market information relating to a trading strategy, themarket information comprising at least one bid quantity and at least oneask quantity that are displayed along a price axis, wherein the tradingstrategy comprises trading a plurality of tradeable objects such that anorder to buy or sell a first tradeable object is based on a desiredtrading strategy price and further based on market conditions in atleast one other tradeable object; defining, via a computing device, aplurality of price ranges, each price range having a toleranceparameter; determining, via the computing device, an acceptable range ofprices a user is willing to accept for the trading strategy withoutre-pricing the order for the first tradeable object based on changingmarket conditions in the at least one other tradeable object of thetrading strategy, at least one of the plurality of price ranges, and theassociated tolerance parameter; determining, via the computing device,that a first price range of the plurality of price ranges controls thetrading strategy, wherein the first price range comprises the desiredtrading strategy price; determining, via the computing device, atolerance price range corresponding to the first price range, whereinthe tolerance price range is determined based on the desired tradingstrategy price and a tolerance parameter for the first price range;graphically displaying, on the graphical user interface device, an orderindicator at the desired trading strategy price along the price axis;graphically displaying, on the graphical user interface device, a firstindicator along the price axis, the first indicator representing thefirst price range; and graphically displaying, on the graphical userinterface device, a second indicator along the price axis, the secondindicator representing the tolerance price range.
 2. The method of claim1, wherein when a trading strategy price falls outside of the toleranceprice range, the order for the first tradeable object is replaced with anew order for the first tradeable object with a second price that isbased on the desired trading strategy price and further based on achange in the market conditions of a second tradeable object.
 3. Themethod of claim 1, wherein the first price range comprises a pluralityof price levels.
 4. The method of claim 1, wherein the first price rangecomprises a single price level.
 5. The method of claim 1, wherein thetolerance price range comprises a plurality of price levels.
 6. Themethod of claim 1, wherein the tolerance price range comprises a singleprice level.
 7. The method of claim 1, wherein the first price range isselected by determining that the desired trading strategy price iswithin the first price range.
 8. The method of claim 1, wherein thetrading strategy comprises a spread trading strategy defined between thefirst tradeable object and the at least one other tradeable object. 9.The method of claim 1, wherein the first indicator comprises a firstgraphical indicator, and wherein the second indicator comprises a secondgraphical indicator.
 10. The method of claim 1, further comprising:graphically displaying a third indicator in along the price axis,wherein the third indicator represents another price range of theplurality of price ranges, wherein the another price range is associatedwith another tolerance parameter.
 11. The method of claim 10, whereinthe third indicator is graphically distinguished from the firstindicator.
 12. The method of claim 1, wherein the first indicator andthe second indicator are displayed via the graphical user interfacedevice upon receiving a user input activating the first indicator andthe second indicator related to the order indicator.
 13. The method ofclaim 1, wherein the first indicator and the second indicator comprisenumerical indicators.
 14. The method of claim 1, wherein the toleranceparameter comprises an inside tolerance parameter or an outsidetolerance parameter.
 15. The method of claim 1, wherein the toleranceparameter is added to the desired trading strategy price to determinethe tolerance price range.
 16. The method of claim 1, wherein thetolerance parameter is subtracted from the desired trading strategyprice to determine the tolerance price range.
 17. The method of claim 1,further comprising: using the first indicator to modify the first pricerange.
 18. The method of claim 1, further comprising: using the secondindicator to modify the tolerance price range.
 19. A computer readablemedium having stored therein computer program executable instructions toexecute a method for displaying information relating to a tradingstrategy involving a tradeable object being traded electronically on anelectronic exchange, comprising: displaying, on a graphical userinterface device, market information relating to a trading strategy, themarket information comprising at least one bid quantity and at least oneask quantity that are displayed along a price axis, wherein the tradingstrategy comprises trading a plurality of tradeable objects such that anorder to buy or sell a first tradeable object is based on a desiredtrading strategy price and further based on market conditions in atleast one other tradeable object; defining, via a computing device, aplurality of price ranges, each price range having a toleranceparameter; determining, via the computing device, an acceptable range ofprices a user is willing to accept for the trading strategy withoutre-pricing the order for the first tradeable object based on changingmarket conditions in the at least one other tradeable object of thetrading strategy, at least one of the plurality of price ranges, and theassociated tolerance parameter; determining, via the computing device,that a first price range of the plurality of price ranges controls thetrading strategy, wherein the first price range comprises the desiredtrading strategy price; determining, via the computing device, atolerance price range corresponding to the first price range, whereinthe tolerance price range is determined based on the desired tradingstrategy price and a tolerance parameter for the first price range;graphically displaying, on the graphical user interface device, an orderindicator at the desired trading strategy price along the price axis;graphically displaying on the graphical user interface device a firstindicator along the price axis, the first indicator representing thefirst price range; and graphically displaying, on the graphical userinterface device, a second indicator along the price axis, the secondindicator representing the tolerance price range.